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Answer to Question #94437 in Macroeconomics for Nomthandazo
Question #94437
given that C=C1+cy and C1=500, c=3/4, y=1000
which one of the following statements is correct
(1) total consumption is R 500
(2) total consumption is R 1250
(3) aggregate demand is R1000
(4) marginal propensity to consume is 1/4
which one of the following statements is correct
(1) total consumption is R 500
(2) total consumption is R 1250
(3) aggregate demand is R1000
(4) marginal propensity to consume is 1/4
Expert's answer
(2) total consumption is R 1250
C=500+3/4*1000 = 500 + 3*1000/4 = 500 + 3*250 = 1250
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